Common questions relating to King's Cross leasehold conveyancing
I am on look out for some leasehold conveyancing in King's Cross. Before diving in I require certainty as to the remaining lease term.
Assuming the lease is registered - and most are in King's Cross - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I am attracted to a two maisonettes in King's Cross which have about fifty years unexpired on the leases. Will this present a problem?
There are plenty of short leases in King's Cross. The lease is a right to use the property for a period of time. As the lease gets shorter the marketability of the lease reduces and it becomes more expensive to acquire a lease extension. This is why it is generally wise to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this field
I am a negotiator for a reputable estate agency in King's Cross where we have witnessed a number of flat sales put at risk due to leases having less than 80 years remaining. I have been given conflicting advice from local King's Cross conveyancing solicitors. Can you shed some light as to whether the owner of a flat can initiate the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
What are your top tips when it comes to finding a King's Cross conveyancing practice to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a King's Cross conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with several firms including non King's Cross conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:
- How familiar is the practice with lease extension legislation?
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £450000 apartment in King's Cross on Friday in a week. The managing agents has quoted £360 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in King's Cross?
King's Cross conveyancing on leasehold maisonettes usually involves fees being raised by managing agents :
- Addressing conveyancing due diligence enquiries
- Where consent is required before sale in King's Cross
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I own a first flat in King's Cross. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the premium due for a lease extension?
You certainly can. We are happy to put you in touch with a King's Cross conveyancing firm who can help.
An example of a Lease Extension case for a King's Cross premises is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case was in relation to 1 flat. The the number of years remaining on the existing lease(s) was 66.8 years.
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